West Brom fans: Guochuan Lai....We don’t believe you!
Albion fans have spoken out on their distrust after Guochuan Lai once again missed a deadline on his controversial £5million loan repayment.
The controlling shareholder and chairman missed Saturday’s deadline of December 31 to repay the £4.95m funds, plus £50,000 interest, he took out of the club in March 2021.
In a short statement, Albion instead confirmed Lai had ‘assured’ the club’s board of directors that the repayment will now be made ‘early in the new year’ – with no specific deadline given.
In an online Express & Star poll of more than 900 readers an overwhelming majority of 96 per cent of votes stated they do not believe the controlling shareholder will repay the loan early in the new year.
It was the second time that the Chinese businessman failed to pay back the loan after the original deadline was set for September 2021.
The loan was taken to support another of his businesses, Wisdom Smart Corporation, in the wake of the Covid pandemic.
Lai, who took over Albion in 2016, vowed last summer that the funds would be paid before the turn of the year and would be available to be used in the January transfer window, which has just opened. He said on the club website last June: “The upturn in the global economy has brought with it greater positivity and I can confirm I will repay the loan in full, with interest, by the end of the current calendar year and the funds will be available to the club during the January 2023 transfer window.”
The missed deadline came a few days after it was confirmed WBA Group – of which the club is a subsidiary – took out a £20m loan from a United States investment firm to cover running costs, with parachute payments due to expire at the end of this season.
Baggies supporters have spent much of this season, particularly during home games, protesting against Lai and his running of the club.
More protests, led by new supporter group Action for Albion, were expected during today’s afternoon kick-off against Reading at The Hawthorns.
They include shining a light from the stands, a regular feature in recent months, as well as a meeting outside the Halfords Lane stand after the game for a peaceful protest.
Carlos Corberan’s in-form Albion can climb five places, as high as sixth place in the Championship with a win over the Royals.
